HMRC targets £5bn with tax cheat clampdown

The taxman is looking to bring in an extra £5bn by clamping down on tax
losses generated by individuals and businesses not paying their dues.

HMRevenue & Customs announced the target in its Business Plan for
2010-2011. In the document, the taxman said it remained committed to helping
those who wanted to pay the right tax, but warned it would come down hard on
those who tried to sidestep their tax bills.

“With the continuing difficult economic climate it remains important that
HMRC helps and supports customers fulfil these obligations while relentlessly
those who bend or break the rules,” the taxman said.

“Our objective is to reduce tax losses by an additional £4bn in 2010-11 and
tax credit losses by £1bn by 31 March 2011.”

More to follow.

Further reading:

Business Plan

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